Crude oil broke the main bearish trendline. Price is at a level of resistance. I expect price to come down to test the trendline again. I'll be looking for long positions on oil at the retest of one of the trendlines on the chart.
*Don't trade the news or the fundamental biases you have, trade what the market wants.
Looks like you didn't count highs/lows into your trend line, so it was broken already easily. The real breaking point should be around 45.9, and the market is still testing on it...
SimonBrisebois
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Thanks for your comment, I'll look at it. You can look at my past oil analysis, I'm pretty accurate and I'm confident in my analysis.
kw1846
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You are welcome. Also I didn't mean your analysis was incorrect... But for myself, at least I will wait for the broken of 46.38, the target of the rising flag completed, to enter a long. Right now it is just too risky, especially before the API and EIA reports...